SC| The South Carolina Department of Insurance has issued Bulletin Number 2025-01, reminding that examinations of Pharmacy Benefits Managers (PBMs) and Pharmacy Services Administrative Organizations (PSAOs) will begin on January 2, 2025, as mandated by S.C. Code Ann. §§ 38-71-2250 and 38-71-2340(B)(1)1. These examinations, which will occur at least once every five years, aim to ensure compliance with state laws and regulations. The Department will start scheduling these examinations immediately, with PBMs and PSAOs selected for 2025 examinations and should expect to be receiving call letters and examination warrants within the next two weeks.
Key points:
- The examinations will assess the conduct and business practices of PBMs and PSAOs, focusing on their compliance with relevant state laws.
- Examined entities are required to pay for the expenses incurred during the examination process, including the costs of the director, examiners, and assistants.